TexPro: Unveiling the Trends of Textile - Apparel Industry
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The CPI Index has grown by 18% in 2023 as compared with 2020. The Value of INR against USD has depreciated by 11% in 2023 from 2020. By August 2023, India's annual apparel exports to the USA only reached 57% of the levels recorded in previous year.
Cotton yarn (HS Codes 5204, 5205, 5206, 5207) exports of Indonesia experienced fluctuating growth from 2020 to 2023, with the highest value in 2021 and the lowest in 2023. The Compound Annual Growth Rate (CAGR) over this period was -10%. In contrast, Turkey's cotton yarn export growth showed a more steady increase from 2020 to 2023, with the highest growth rate in 2021. The CAGR for Turkey over this period was 6%. While both countries had similar export levels in 2020, several factors may have influenced these contrasting trends, including economic policies, political stability, the investment climate, and external factors such as global economic conditions and the impact of the COVID-19 pandemic, ultimately resulting in differing CAGR values.
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The United Kingdom has consistently maintained a negative trade balance in the Apparel category with India, indicating that it imports more apparel from India than it exports. The trade deficit have fluctuated over the months.
PMI is an indicator of economic health for the manufacturing sector. A PMI above 50 represents an expansion, under 50 represents a contraction, and a reading at 50 indicates no change when compared with the previous month. In dec 2023, India and China's PMI indices were above 50, representing an expansion, while that of Turkey was below 50, representing a contraction.
India experienced a significant 9.02% CAGR decline in jute prices from 2021 to 2024. This reduction primarily stemmed from increased production and comparatively lower crop quality.